Mumbai, December 18, 2015 : Dena Bank ties up with SBI Life Insurance Company Limited to provide Group Life Insurance coverage to its Housing Loan Borrowers under the Brand Name “Dena Grihaswami Suraksha Yojana”. At this occasion MOU were exchanged between Shri M.K Bhatia, General Manager Dena Bank and Shri Anand Pejawar, Executive Director (Marketing) SBI Life Insurance Co. Ltd.
Highlights of the Dena Grihaswami Suraksha Yojana: –
- Insurance cover to all housing loan borrowers at a very low premium
- The Insurance cover is limited to outstanding loan amount.
- Single Premium for the entire tenure of the loan at the time of entry into the scheme.
- In case of death of the borrower during the term of cover, outstanding loan is set off against the policy proceeds settled by SBI Life Insurance Company Ltd.
- If the amount of death claim exceeds the outstanding loan, the excess is paid to the nominee of the member